Donor Advised Funds Top Planning Tools Under New Tax Law
The Tax Cuts and Jobs Act (TCJA) went into effect on January 1, 2018. Economists argue over the winners and the losers, but one obvious loser was charitable donations and the charities that depend on them. The new tax law nearly doubles the standard deduction in 2018 — to $12,000 for singles and $24,000 for joint filers younger than age 65 — while capping or eliminating other deductions. This means it will no longer make sense for as many taxpayers to itemize deductions. In 2017, 30% of taxpayers itemized; under the new tax law that is expected to drop to…